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Tag: cheapest rates to send money to nigeria

FAZRemit’s Lowest Transaction Fee for Money Transfer Nigeria. But How Much?

The transaction fee in an international money transfer consists of the exchange rate and processing fee. And, one always look for an affordable alternative to send money to Nigeria, Ghana,…

The transaction fee in an international money transfer consists of the exchange rate and processing fee.

And, one always look for an affordable alternative to send money to Nigeria, Ghana, Kenya or any other country. Banks have had a very disappointing run in this area because of their absurd processing charges. So, customers turned towards IMTOs.

But Now, The Trend is Evolving…

Online money transfer services like FAZRemit have taken a revolutionary step in the domain of customer satisfaction. How?

IMTOs charge anywhere in between $20 and $90 to send $1000 from USA to Nigeria. One could easily fall prey to the deceptive concept of showing the exchange rate margin as 0%. Others may do the same for the transaction fee. One must know that the total fee that you will be required to pay at the end of the day would be the sum of the exchange rate and transaction fee charged by the concerned IMTO.

Total Money You Will be Paying = Transaction Amount + (Exchange Rate + Transaction Fee)

This is the way IMTOs operate and do business. Yet, you will only be shown just one portion of it. And, all you will see statements like:

0% transaction fee” or “We do not take any exchange margin” or similar statements.

It is, therefore, time that you understand the difference between what you actually get from a service provider and their marketing…

 

marketing strategy money to transfer Nigeria low transaction fee fazremit

How is FAZRemit’s Transaction Fee Structure Different?

Instead of setting up a stringent percentage of an amount, FAZRemit has divided the transaction fee into 2 simple brackets.

In case a user wants to send money up to $500, there is a flat overall transaction fee, i.e. $8.99. This lowers the transaction fee to 1.7% of the total transaction.

If the transaction amount is more than $1000, we charge a flat 2%. On the other hand, IMTOs charge 2% to 9% which may vary on the basis of the exchange rate in case they are considering the exchange rate margin in their terms and condition of wiring money (which most of them do).

And this is how FAZRemit facilitates the cheapest money transfer from USA to Nigeria, Ghana and Kenya.

Furthermore, FAZRemit gives 100% guarantee of a complete refund in case the transaction is not processed. Whether it is any technical error from the payment’s source of origin, i.e USA or termination, i.e. Nigeria, Ghana or Kenya, we take the full responsibility of delivering your hard-earned money where you intend to deliver it.

All you need to do for availing the full benefits of our ‘Instant Money Transfer Nigeria’ services is – complete the one-time registration and apply for the document verification. Once we verify your application, you can send up to $10,000 per month to your loved ones in Nigeria from the United States. So, don’t wait anymore and register now on FAZRemit!

PS: No term, condition or asterisk applied*

 

no term condition low transaction fee money transfer nigeria

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What is the Importance of Affordable Money Transfer to Nigeria?

Fast, convenient and affordable money transfer to Nigeria has always been a dream for Nigerian migrants living across the globe. Although the average remittance cost to Nigeria dropped to 10%…

Fast, convenient and affordable money transfer to Nigeria has always been a dream for Nigerian migrants living across the globe.

Although the average remittance cost to Nigeria dropped to 10% from 14% in 2008, it is still the highest in the world. Furthermore, all the Sub-Saharan nations suffer from the same problem. Nigeria’s share of overall remittances inflow has decreased, but that signifies something else. Irrespective of the high international transaction cost, other African countries have embraced the trend and are currently witnessing a boom in the remittance market.

For the largest economy in Africa – Nigeria – remittance is a major economic driver. In 2017, overall remittance revenue surpassed oil revenues of the so-called ‘oil-driven’ Nigerian economy by $2 billion. Moreover, the recorded remittance figure, as opposed to oil revenue, was considered being a conservative estimation. Reason being, only 40% of the Nigerians are banked.

Further, the rest 37% unbanked Nigerian population relies on the informal revenue inflow. This doesn’t mean that all of them are receiving remittances, however, a considerable amount of people do.

Among those, there are many who are skeptical about the regulated channel because of their distrust in the government and financial institutions. However, it is the responsibility of the government and the money transfer operators (MTO) to spread awareness about the services that provide affordable money transfer to Nigeria online. Such individuals and families must be made familiar with the benefits of online international transactions.

In this blog, we will lay down some points why Nigerians need to look a reliable and affordable platform to send money to Nigeria from USA one and how can they choose the best of them all.

1. Pay Less, Pay Smart – Choose Wisely

Gone are those days when you didn’t have any choice. Either there were limited banks or selected Money Transfer Operators. The digital world has eradicated all sorts of restrictions. Nowadays, just by browsing through the internet, one can easily compare one platform with the other and select the best one as per his or her specific requirements.

Removing the banks out of the question because of their exceptionally “generous” international transaction rates, an average affordable money transfer to Nigeria would cost anywhere from 5% to 7% of the total transaction.

But here‘s the problem!

While you are surfing through the internet, you may come across hundreds of money transfer platforms.

To ensure that it is a reliable platform, you must clarify the total transaction cost in advance. There are some platforms who do not include the currency exchange rates in their overall calculation. Such hidden fees could spoil your experience completely. So, beware!

However, FAZRemit ensures that for every money transfer to Nigeria from USA, the customer pays the lowest fee. Before making any transaction, you see the exact cost you want to pay, how much would your beneficiary get, and what would be your total cost.

Read: Cheapest Money Transfer Services from USA to Nigeria

2. Faster and Unlimited Transactions

Cash transfers are not just costlier but also slow, and here again, I am removing the “esteemed” banks out of the equation.

Cash transfers could be, in fact, very difficult in terms of feasibility as well as security. This is why you must avoid international cash transactions.

If you are taking a regulated course for an international transaction to Nigerian from USA, that you always must, you will be required to submit your KYC documents. Physical presence within the working hours and waiting in line will also compromise your convenience. Why would you want to do it to yourself when you can do it at your own convenience?

Along with convenient and instant wire transfers, the price is also very important. All of them have their own significance. FAZRemit, therefore, facilitates the fastest money transfer services from the United States to Nigeria, Ghana and Kenya to ensure that you get the best experience within the affordable range that you seek!

3. Actively Participate in the Country’s Economic Development

You must always make money transfer through a licensed and regulated channel. This ensures the security of your funds. In a case, because of any reason, your funds do not reach to the beneficiary, you can have your money back. If not regulated, there is a possibility that you may not be able to get your hard-earned money back! Well, that’s a bummer!

There are many benefits to choose a registered platform. On a personal level, you can get the best and competitive services.

On the broader side, once you choose a formal channel of financial transaction, you become a part of the national economy. This helps the government to create more accurate statistics of money-flow.

The Federal Government of Nigeria, then, can use these statistics to develop better policies. This could benefit not just you, your family, your community, but the entire nation.

Although there are economic problems and challenges that the Nigerian government needs to solve. But, if you, the citizen, do not comply with the basic requirements of the government, the vicious cycle of blaming one another could continue endlessly!

4. Always Get the Best Because You Deserve it!

There is a neck-to-neck competition in the market. In the digital era, you, as a customer, are the most valuable asset that any service provider cherishes. While competing for the throne of service providers facilitating the most affordable money transfer to Nigeria, you can easily get the best in the market. All you need to do is – Explore!

Central Bank of Nigeria (CBN) is targeted to drop down the unbanked population from 37% to 20%. The remittance trend is shifting drastically. In the age of millennials, the world is moving towards a more accessible and better choice every single day. And, the government will play a decisive role if they want to promote this trend and prosper or slow their pace and fall behind the race in which they have already taken a good lead. With a decisive victory in Nigerian elections 2019, Mr. Buhari has undertaken this humongous responsibility and the entire world is watching.

Billions are pouring in the Nigerian remittance market every single day. Everyone wants ‘More’. So, why not take the full benefit of it and choose the service that provides the most affordable money transfer to Nigeria?

 

To avail this service now, Register on FAZRemit today!

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Why Do You Need KYC Documents To Send Money to Nigeria from USA?

Know your Customer, a.k.a KYC, documents demanded by FAZRemit includes two types of documents: 1.  Customer Identification Document: a. Driving Licence, b. Passport, and c. State-issued identity card. 2. Document…

Know your Customer, a.k.a KYC, documents demanded by FAZRemit includes two types of documents:

1.  Customer Identification Document:

a. Driving Licence,

b. Passport, and

c. State-issued identity card.

2. Document for Address Proof:

a. Gas bill,

b. Credit card statement,

c. Bank statement,

d. Electricity bill, and

e. Water bill.

As soon as a user uploads these KYC documents on his or her dashboard, our document verification process initiates. We strongly recommend that:

1. The scanned or downloaded documents must have clearly visible Name, Address, and Date of issue. When it comes to utility bills, one must provide the latest documents, preferably a recent proof less than 90 days.

2. The document should be clear and whole, i.e. it must not have any cut or hidden or blurred information therein.

3. Online banking documents and bills must be downloaded or scanned and then sent to FAZRemit as a file attachment. Screenshots are not accepted.

Importance of KYC Documents?

While providing financial services, it is the responsibility of the organization to maintain a legitimate environment.

In the financial community, during the initial stages, non-bank organizations didn’t care about the details of the customers. It was his or her responsibility to fill the correct information. There were multiple drawbacks of this system:

1. Incorrect details sometimes lead to funds getting transferred to wrong destinations.

2. Money launderers could send and receive money from multiple accounts.

There was no regulation that could keep a check on such transactions. Moreover, non-bank financial institutions could do as they please. However, with AML/CFT laws and mandatory KYC documents’ submission, the situation has changed drastically. There has been a significant difference in the number of illegitimate transactions globally.

So, How Does KYC Document Verification Works?

For instance, there is a customer who wants to send money from USA to Nigeria, Ghana or Kenya. After completing the registration, he or she would be redirected to a personal dashboard. Once all the documents are submitted as mentioned, they undergo verification.

During document verification, we ensure that:

1. The person sending the documents is exactly who he or she is claiming to be.

2. There are no previous records or allegations on the concerned individual regarding money laundering. We ensure that the person does not fall in the PEPs (Politically Exposed Persons) category.

3. When it comes to organizations, FAZRemit runs a thorough check on the concerned company. All the beneficiaries are thoroughly scrutinized.

Once the evaluation is complete, and only if all the details are acceptable, then our Money Laundering Reporting Officer (MLRO) can permit the person to make any transactions.

At FAZRemit,

We keep the record of every single transaction.

To ensure that the funds reach to the right person, the beneficiary is also verified. Once the corridor is verified, customers can make unlimited transactions using FAZRemit.

Taking our legal obligations extremely seriously and without compromising with the civic morality, FAZRemit assures every customer that every single transaction on the platform is 100% safe. Every member of the FAZRemit community is a verified customer because we actually ‘know our customers’.

We completely understand that submitting KYC documents and waiting for its verification could seem like a long time. However, if the documents are clear and fulfill all the criteria as mentioned at the beginning of this blog, our automated software analyzes and concludes the verification process within a few minutes.

Regulated as Money Transmitter by the New York State Department of Financial Services, FAZRemit strives to provide its customer the safest, most convenient, and affordable money transfer services.

So, to experience an unparalleled online platform to send money to Nigeria, Ghana or Kenya from USA, register on FAZRemit today. In case you have any query, you can always write to us at support@fazremit.com.

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Cheapest Way to Send Money from US to Nigeria, Ghana, Kenya

Check out the cheapest rate list for users to Send money to Nigeria, Kenya and Ghana from USA.

While there are multiple IMTOs claiming to provide the most affordable way to send money from US to Nigeria, Ghana or Kenya, FAZRemit makes sure that you apply for the best.

As soon as you register on FAZRemit, you are enrolling yourself with the most transparent, secure and convenient online money transfer platform to wire money to Nigeria, Ghana or Kenya at guaranteed cheapest rates. Apart from being a platform that is an amalgamation of the best ideas hand-picked from all the leading IMTOs, we ensure that whatever application you send your remittances for, you and your added beneficiary can take the full benefit of it in the least amount of waiting time.

Apart from knowing the banks that we support in Nigeria, Ghana, and Kenya, it is crucial for a user to know the exact rates at which his or her money will be wired to the aforementioned countries. Addressing that problem, the following are the nation-specific money transfer rates provided by FAZRemit.

Cheapest Rates to Send Money to Ghana

Amount ServiceFee
Up to $499.99Money Transfer
$8.99
$500 to $999.99Money Transfer$11.99
$1000 to $2499.99Money Transfer2%

Cheapest Rates to Send Money to Nigeria

AmountServiceFee
AllBill Payment$3 Flat fee
Up to $499.99Money Transfer$8.99
$500 to $999.99Money Transfer$11.99
$1000 to $2499.99Money Transfer2%

Cheapest Rates to Send Money to Kenya

AmountServiceFee
Up to $499.99Money Transfer$8.99
$500 to $999.99Money Transfer$11.99
$1000 to $2499.99Money Transfer2%

Register Today at FAZRemit!

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